ITC Ltd Sees Modest Profit Rise Amid Rural Demand Surge

Shares of ITC Ltd, a major player in the consumer goods sector, rose over 2% on Friday following the release of its March quarter results. The company reported a modest net profit increase driven by robust rural demand and growth in its cigarette division.

ITC's stock advanced by 2.39% on the BSE, closing at Rs 436.30, while hitting an intraday high of Rs 439. On the NSE, similar gains were observed, with the stock closing up by 2.32%.

The company recorded a gross revenue growth of 9.2% year-on-year in the fourth quarter, with its earnings significantly boosted by a one-time gain from the demerger of ITC Hotels. Despite soft urban consumption pressured by inflation, ITC's total fiscal profit was Rs 20,092 crore on a revenue of Rs 73,465 crore.

(With inputs from agencies.)